The Acting Chairman of the National Oil Corporation (NOC), Masoud Suleiman, has said that the NOC is determined to reach a production of two million barrels per day (bpd) within the next three years provided that sufficient funding would be provided to achieve this goal.
Suleiman added during the opening of the Libya Energy and Economy Summit in Tripoli, on Saturday, that the Libyan oil sector is in a continuous recovery, as it has exceeded 1.4 million barrels per day, in addition to the production of gas and condensates, despite the size of the challenges and difficulties.
He attributed the credit for this achievement to the correct use of technology and the availability of a stable security climate, stressing that the NOC continues to invest in its employees and inject new young blood from graduates of oil specializations from 54 Libyan cities.
Suleiman noted that the NOC “is moving at a rapid pace to advance the petrochemical industry locally, and seeks according to a strategic plan to enhance refining capabilities and meet local and international demand,” calling on the private sector to play a prominent role as a service provider for oil and gas.
According to Suleiman, the National Oil Corporation is working with specialized teams to implement the structural change, to be an institutional structure based on best international practices. He pointed out the creation of a renewable energy department within the administrative structure of the NOC. He stressed the continuation of efforts to reduce harmful emissions and achieve the goal of “zero burning.”
